Nuveen Real Estate Sells 336-Unit Raleigh Asset

The 14-building community changed hands for $46.1 million. The buyer used a $27.7 million loan originated by Prudential Financial to finance the acquisition.
The Pointe at Crabtree
The Pointe at Crabtree

Dermot Co. has purchased The Pointe at Crabtree, a 336-unit community in Raleigh, N.C. Nuveen Real Estateformerly known as TH Real Estatesold the property for $46.1 million, or $137,202 per unit, according to Yardi Matrix data. The New York-based buyer took out a $27.7 million loan originated by Prudential Financial to support the acquisition. Previously known as North Park, the asset last changed hands back in 2014 for $34.6 million.

Located at 4800 Waterford Point Drive in the Crabtree Pointe neighborhood, the property is close to several shopping options such as Target and Crabtree Valley Mall. The Pointe at Crabtree encompasses 14 buildings with one- and two-bedroom units, ranging between 685 and 1,137 square feet. Amenities at the 1995-built property include a clubhouse, swimming pool, business center, two laundry facilities, fitness center and 850 parking spaces.

Late last year, Dermot Co. also acquired a 126-unit luxury multifamily property in Brooklyn’s Windsor Terrace submarket from the Vanbarton Group.

Just this week, Nuveen Real Estate launched its U.S. Cities Multifamily Fund with $550 million on first close. The fund, which targets renters by choice, will focus on acquiring well-located rental assets with stable occupancies in top-tier markets.

Image courtesy of Yardi Matrix